Financial Constraints and Export Performances: Evidence from Brazilian Micro-Data

Fatma Bouattour Fatma Bouattour ()
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Fatma Bouattour Fatma Bouattour: PSL, University of Paris-Dauphine, LEDa, DIAL UMR 225, IRD

No DT/2016/18, Working Papers from DIAL (Développement, Institutions et Mondialisation)

Abstract: This paper explores the e§ects of Önancial constraints on export performances of Brazilian exporters in 2010. SpeciÖcally, I revisit the role of Örm size as a predictor of Örm-level Önancial constraints and take into account the sector-level Önancial constraints. In order to capture the speciÖcities of the Brazilian market, I use sector-level measures of dependence on external Önance computed over Brazilian data and following the method of Rajan and Zingales (1998, RZ). Since Brazilian export data are presented in ranges of value, I estimate an interval regression model (Conroy, 2005). The results conÖrm that larger Örms have better export performance, and that the size advantage is reduced in Brazilian sectors that depend on external Önance/ have better access to Önance. These Öndings remain robust when I control for the regional heterogeneity in Brazil and the legal status of the exporting Örms. I then consider the sector-level heterogeneity in terms of inherent needs of external Önance by using RZ indicators. The results show that large Örms are less export performant in sectors that are by nature more dependent on external Önance. This result can be explained by the imperfections that characterize the Brazilian Önancial market.

Keywords: Firm size; Sector-level external Önance dependence; Financial market imperfections; Exports; Brazil; Interval Regression. (search for similar items in EconPapers)
JEL-codes: F10 F12 F14 G30 G32 L25 (search for similar items in EconPapers)
Pages: 60 pages
Date: 2016-11
New Economics Papers: this item is included in nep-int
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